Medical Device Technologies Market: Introduction

According to the report, the global medical device technologies market was valued at US$ 393.4 Bn in 2017 and is projected to expand at a CAGR of 4.3% from 2021 to 2028. Medical device is any instrument, appliance, apparatus, or software, which is used alone or in combination as intended to be specifically used for diagnosis or for therapeutic intervention for any disease, disorder, or medical condition. It is also used for investigation, prevention, monitoring of treatment or alleviation of disease or any injury; replacement, monitoring, or modification of any physiological process or anatomy; and to assist in medical therapies of immunological, metabolic, or pharmacological means. Rapid advancement in medical device technologies has led to a range of applications that are beneficial for improving and transforming health and quality of population across the world.

Rise in Demand for Advanced Diagnostic Technology for Accurate Diagnosis of Life-threatening Diseases

Molecular diagnosis enables understanding of diseases using the genetic technologies platform to develop efficient and effective diagnostic techniques in tracking various diseases at an early stage. The traditional methods of detection and diagnosis of cancers and genetic diseases are now replaced by automated technologies. Demand for molecular diagnostic techniques is expected to rise rapidly across the globe in the next few years owing to high prevalence of diseases, increase in the elderly population, rise in need of superior health care services, and economic development. Molecular diagnosis will create opportunities for disease prevention and early disease management by providing cost effective, accurate, and rapid diagnosis of diseases that have been difficult to analyze so far.

Advances in the multiplexing technology provide immunoassay and molecular diagnostics for diagnosing and treating life-threatening diseases such as cancer and infectious diseases. Multiplexed diagnostics analysis is faster, more efficient, and is an equally useful alternative methodology for cancer and HIV diagnosis.

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In 2020, around 2.3 million women were diagnosed with breast cancer, and 685,000 deaths were reported across the world. As of the end of 2020, there were 7.8 million women alive who were diagnosed with breast cancer in the past five years, making it the world’s most prevalent cancer. Similarly, other cancers such as acute lymphoblastic leukemia, the application of qPCR to assess direct therapy has given rise to the gradually growing field of minimal residual disease management.

For instance, at the end of 2020, US$ 21.5 Bn (in constant 2019 U.S. dollar) was available for the AIDS response in low- and middle-income countries, around 61% was from domestic sources. UNAIDS estimates that US$ 29 Bn (in constant 2019 U.S. dollars) would be required for the AIDS response in low- and middle-income countries, including countries formerly considered to be upper-income countries, in 2025 to get on track to end AIDS as a global public health threat. Application of microfluidics in HIV testing kits and assays at POCs is expected to cut cost, thereby proliferating demand for the technology.

Novel devices and advancements in techniques such as RT PCR, culture techniques, and DNA staining are anticipated to produce low-cost solutions for diagnostics and monitoring of infectious diseases and blood-related disorders in developing countries in the next few years. This eradicates the need of complex testing and helps in early detection of a disease or condition. With increasing investments in health care, several physicians are opting for point-of-care solutions for detection, diagnosis, and monitoring of diseases, without the need to send samples to the central laboratory.

Rise in Cloud-based Medical Imaging

Large volume of patient data is generated from health care systems, and the storage of such vital data has become a significant issue. In addition to storage-related concerns, the healthcare system is struggling to access and share this data in order to reduce the cost of duplication. As reported by Intel, Inc., a hospital requires 175 TB of space for images and clinical records, and the total storage space required is expected to reach 100 Petabytes. Therefore, cloud storage services for medical imaging and information management is likely to offer significant opportunities to hospitals in terms of better resource and cost management, and easy access to medical images and related records in and across organizations and departments.

Moreover, usage of cloud storage does not essentially require scraping of existing Picture Archiving and Communication System (PACS). Hence, imaging equipment manufacturers have an opportunity to improve their revenue stream by providing equipment, along with cloud computing services, thereby ensuring reduction in hospital costs. Increase in usage of medical imaging techniques is anticipated to drive the medical device & technologies market in the near future.

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